What Happened
Tiffany & Co added some twinkle to Shanghai’s festive season on December 8, when the global luxury jeweler held a holiday lighting ceremony as part of the grand opening of its new Taikoo Li Qiantan store.
VIPs at the event included China brand ambassador Greg Hsu and young entrepreneur Laurinda Ho, as well as Tiffany & Co. Greater China President Maxence Kinget, LVMH Group Greater China President Andrew Wu, and General Manager of Taikoo Li Qiantan Joanna Ku.
The opening ceremony included an eye-catching lighting installation featuring a giant Tiffany Blue Box topped with a bejeweled bird, referencing Jean Schlumberger’s Bird on a Rock design and the brand’s rich heritage.
Following the reimagined concept of its New York flagship store, The Landmark, Tiffany’s 40th store in mainland China presents an upgraded retail experience. From its façade, dressed in 6,988 suspended ‘diamonds,’ to its designer interiors and art, it welcomes visitors into a cultural hub defined by fine craftsmanship and innovation.
Within the store, there is a private salon on each floor with floral wallpaper inspired by the house’s extensive history, which provide consultations for VIP buyers.
The Jing Take
The Taikoo Li Qiantan store marks a new milestone for Tiffany & Co. in China as it asserts itself as a global leader in jewelry. The company’s modernized retail thrust across the country looks to prominent locations and larger spaces intended to transcend the traditional shopping experience and establish personal connections with Chinese buyers.
In addition to Taikoo Li Qiantan, the jeweler recently opened new stores in Hangzhou Tower (relocated) and Shenzhen Bay MixC City. In February, Tiffany & Co. also launched its first online flagship store in China, on JD.com.
Growth in China’s high-potential market has been identified as a major focus in the jeweler’s international acceleration plan since it was acquired by LVMH in 2021. Sales grew to $5.5 billion (5.1 billion euros) in 2022 from $3.2 billion (3 billion euros) in 2020, and are forecast to reach $8 billion (7.4 billion euros) in 2025. High jewelry revenue at the brand doubled in 2022.
Tiffany & Co. made headlines in October when it chose Shanghai for the global premiere of its Blue Book collection for Fall 2023, marking the first time in the company’s 186-year history that its most esteemed high jewelry collection was launched in China.
Deepening its China localization strategy to pay homage to the world’s greatest sporting events and perpetuate the house’s legacy in trophy craftsmanship, the brand became the official trophy partner of the Shanghai Marathon this year. The Tiffany-designed trophies and medals feature a runner breaking through the finish line alongside iconic Shanghai landmarks.
Back at its new Taikoo Li Qiantan store, the brand’s creative interpretation of a festive lighting ceremony — currently all the rage on Chinese social media feeds — celebrates two powerful brand symbols while keeping with the holiday spirit. The company no doubt hopes that these localized initiatives will spur the appearance of more little blue boxes on holiday gift lists in China.
The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.
Presented by Tiffany & Co.